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11 U.S.C. § 742 — Effect of [section 362 of this title](./chapter-003-case-administration.md#section-362) in this subchapter
Federal law — U.S. Code and appendices · legal_authorities
Notwithstanding [section 362 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section362&num=0&edition=prelim), SIPC may file an application for a protective decree under the Securities Investor Protection Act of 1970. The filing of such application stays all proceedings in the case under this title unless and until such application is dismissed. If SIPC completes the liquidation of the debtor, then the court shall dismiss the case.
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Source file: Laws/federal/codes/united-states-code/title-11/section-742-effect-of-section-362-of-this-title-in-this-subchapter--4efbdf368a.md
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Source location: Title 11, Chapter 7, § 742; chapter-007-liquidation.md
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Notwithstanding [section 362 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section362&num=0&edition=prelim), SIPC may file an application for a protective decree under the Securities Investor Protection Act of 1970. The filing of such application stays all proceedings in the case under this title unless and until such application is dismissed. If SIPC completes the liquidation of the debtor, then the court shall dismiss the case.
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Federal law — U.S. Code and appendices · legal_authorities
In this title the following definitions shall apply:
(1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized.
(2) The term “affiliate” means—
(A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or
(D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement.
(3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Except as provided in subsection (b) of this section, a petition filed under section 301, 302, or 303 of this title, or an application filed under section 5(a)(3) of the Securities Investor Protection Act of 1970, operates as a stay, applicable to all entities, of—
(1) the commencement or continuation, including the issuance or employment of process, of a judicial, administrative, or other action or proceeding against the debtor that was or could have been commenced before the commencement of the case under this title, or to recover a claim against the debtor that arose before the commencement of the case under this title;
(2) the enforcement, against the debtor or against property of the estate, of a judgment obtained before the commencement of the case under this title;
(3) any act to obtain possession of property of the estate or of property from the estate or to exercise control over property of the estate;
(4) any act to create, perfect, or enforce any lien against property of the estate;
(5) any act to create, perfect, or enforce against property of the debtor any lien to the extent that such lien secures a claim that arose before the commencement of the case under this title;
(6) any act to collect, assess, or recover a claim against the debtor that arose before the commencement of the case under this title;
(7) the setoff of any debt owing to the debtor that arose before the commencement of the case under this title against any claim against the debtor; and
(8) the commencement or continuation of a proceeding before the United States Tax Court concerning a tax liability of a debtor that is a corporation for a taxable period the bankruptcy court may determine or concerning the tax liability of a debtor who is an individual for a taxable period end
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Securities Investor Protection Act of 1970”.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Except as provided in [section 1161 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1161&num=0&edition=prelim), chapters 1, 3, and 5 of this title apply in a case under chapter 7, 11, 12, or 13 of this title, and this chapter, sections 307, 362(o), 555 through 557, and 559 through 562 apply in a case under chapter 15.
**(b)** Subchapters I and II of chapter 7 of this title apply only in a case under such chapter.
**(c)** Subchapter III of chapter 7 of this title applies only in a case under such chapter concerning a stockbroker.
**(d)** Subchapter IV of chapter 7 of this title applies only in a case under such chapter concerning a commodity broker.
**(e) Scope of Application.—** Subchapter V of chapter 7 of this title shall apply only in a case under such chapter concerning the liquidation of an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 11 See References in Text note below. of the Federal Deposit Insurance Corporation Improvement Act of 1991.
**(f)** Except as provided in [section 901 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section901&num=0&edition=prelim), only chapters 1 and 9 of this title apply in a case under such chapter 9.
**(g)** Except as provided in [section 901 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section901&num=0&edition=prelim), subchapters I, II, and III of chapter 11 of this title apply only in a case under such chapter.
**(h)** Subchapter IV of chapter 11 of this title applies only in a case under such chapter concerning a railroad.
**(i)** Subchapter V of
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Unless the court, for cause, orders otherwise, the dismissal of a case under this title does not bar the discharge, in a later case under this title, of debts that were dischargeable in the case dismissed; nor does the dismissal of a case under this title prejudice the debtor with regard to the filing of a subsequent petition under this title, except as provided in [section 109(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section109/g&num=0&edition=prelim).
**(b)** Unless the court, for cause, orders otherwise, a dismissal of a case other than under [section 742 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section742&num=0&edition=prelim)—
(1) reinstates—
(A) any proceeding or custodianship superseded under [section 543 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section543&num=0&edition=prelim);
(B) any transfer avoided under section 522, 544, 545, 547, 548, 549, or 724(a) of this title, or preserved under section 510(c)(2), 522(i)(2), or 551 of this title; and
(C) any lien voided under [section 506(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section506/d&num=0&edition=prelim);
(2) vacates any order, judgment, or transfer ordered, under section 522(i)(1), 542, 550, or 553 of this title; and
(3) revests the property of the estate in the entity in which such property was vested immediately before the commencement of the case under this title.
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Federal law — U.S. Code and appendices · legal_authorities
Page 211
TITLE 11—BANKRUPTCY
§ 744
made under any Federal or State law, before Dec. 12,
2006, see section 7 of Pub. L. 109–390, set out as a note
under section 101 of this title.
EFFECTIVE DATE OF 2005 AMENDMENT
Amendment by Pub. L. 109–8 effective 180 days after
Apr. 20, 2005, and not applicable with respect to cases
commenced under this title before such effective date,
except as otherwise provided, see section 1501 of Pub. L.
109–8, set out as a note under section 101 of this title.
EFFECTIVE DATE OF 1994 AMENDMENT
Amendment by Pub. L. 103–394 effective Oct. 22, 1994,
and not applicable with respect to cases commenced
under this title before Oct. 22, 1994, see section 702 of
Pub. L. 103–394, set out as a note under section 101 of
this title.
EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by Pub. L. 98–353 effective with respect
to cases filed 90 days after July 10, 1984, see section
552(a) of Pub. L. 98–353, set out as a note under section
101 of this title.
§ 742. Effect of section 362 of this title in this sub-
chapter
Notwithstanding section 362 of this title, SIPC
may file an application for a protective decree
under the Securities Investor Protection Act of
1970. The filing of such application stays all pro-
ceedings in the case under this title unless and
until such application is dismissed. If SIPC com-
pletes the liquidation of the debtor, then the
court shall dismiss the case.
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2613; Pub. L.
97–222, § 9, July 27, 1982, 96 Stat. 237; Pub. L.
103–394, title V, § 501(d)(26), Oct. 22, 1994, 108 Stat.
4146.)
HISTORICAL AND REVISION NOTES
LEGISLATIVE STATEMENTS
Section 742 of the House amendment deletes a sen-
tence contained in the Senate amendment requiring
the trustee in an interstate stock-br
Source: Supplied 2024 U.S. Code historical extraction · 11 U.S.C. § 742
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